2012-034 - Approving A Fund Balance Policy For The General Fund And Delegating Authority To The Town Manager To "Assign" EndingRESOLUTION 2012 -034
RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF LOS GATOS
APPROVING A FUND BALANCE POLICY FOR THE GENERAL FUND AND
DELEGATING AUTHORITY TO THE TOWN MANAGER TO "ASSIGN" ENDING
FUND BALANCES IN ACCORDNANCE WITH GOVERNMENTAL ACCOUNTING
STANDARDS BOARD STATEMENT NO. 54
WHEREAS, the Governmental Accounting Standards Board has issued Statement
No. 54 entitled, "Fund Balance Reporting and Governmental Fund Type Definitions;" and
WHEREAS, the Town Council desires to classify the various components of fund
balance reported by the Town as defined in Governmental Accounting Standards Board
Statement No. 54; and
WHEREAS, the Town Council approves and defines various components of fund
balance as reported by Governmental Accounting Standards Board Statement No. 54 as
presented as Exhibit A to this resolution; and
WHEREAS, the Town Council designated the Town Manager as the Town Official
to determine and define the amounts of those components of fund balance that are classified as
"Assigned Fund Balance."
RESOLVED, that the Town Council does hereby adopt a Fund Balance Policy in
accordance with Governmental Accounting Standards Board Statement No. 54.
PASSED AND ADOPTED at a regular meeting of the Town Council of the Town
of Los Gatos, California, held on the 0' day of June, 2012 by the following vote:
COUNCIL MEMBERS:
AYES: Steven Leonardis, Diane McNutt, Joe Pirzynski, Barbara Spector, and Mayor Steve Rice
NAYS:
ABSENT:
ABSTAIN:
SIGNED: 14
S 00/
MAYOR OF TIIE TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
ATTEST: J q ,' „ / "&�
CLERK OF THE TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA